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Tax Newsletter – March 2015

The HoganTaylor LLP Tax Team is excited to present the March 2015 edition of our eNewsletter. Our newsletter is designed to help you keep up with the latest tax issues.

We’ve designed the newsletter to be read in quick chunks — knowing that leisurely reading time is a luxury for most of you. We’ll also always have the content on our site so that you can refer to it later.

As always, please do not hesitate to contact a member of the HoganTaylor Tax Team with any questions you may have regarding these subjects. Additionally, we welcome any thoughts or ideas you may have for future newsletter topics.

In This Issue:

Above–The-Line Tax Deductions

At this time of the year, chances are that you’re getting together information for preparing your 2014 income tax return or reviewing a return that’s already prepared. When you are doing so, it can pay to take a close look at the adjustments to income you can take on the bottom of page 1 of your Form 1040 or Form 1040A. These adjustments, which reduce the taxable income you’ll declare, are known as above-the-line deductions—you enter them just above the last line on the page, where you report your adjusted gross income (AGI). Read More

Dealing With Sequence Risk

Sequence risk, sometimes known as sequence of returns risk, is the peril that might be faced by retirees when they start drawing down their savings for living expenses. If you happen to retire at the wrong time—just before a severe bear market—you might run short of money in a relatively short time. Read More

Turn Relatives Into Employees to Reduce Taxes

High-income business owners may be realizing the impact of new tax laws as they prepare their 2014 tax returns. Those laws can be especially painful if your company is structured as an S corporation or a limited liability company (LLC), with all income reported on your personal return. Besides the recently added 39.6% top income tax bracket, your income may be subject to the 3.8% Medicare surtax as well as the phaseout of itemized deductions and personal exemptions. Including state taxes, you might be in a marginal tax bracket in excess of 50%. Read More

Tax Calendar

Find out what tax deadlines are approaching in March and April 2015. Read More